PortsToronto marks eighth consecutive year of profitability in 2015
PortsToronto released its 2015 Audited Financial Statements May 11, marking the organization’s eighth consecutive year of profitability and demonstrating PortsToronto’s continued role as an investor in the infrastructure, community and economic performance of Toronto.
All three of PortsToronto’s core business operations—Billy Bishop Toronto City Airport, the Port of Toronto and the Outer Harbour Marina—were profitable in 2015, generating C$55.9 million in overall revenue, an increase of 10.7 percent from the C$50.5 million reported in 2014. Net income was down in 2015 to C$5.9 million from C$14.9 million in 2014, due primarily to costs associated with the opening of Billy Bishop Airport’s award-winning pedestrian tunnel, PortsToronto’s settlement with the City of Toronto on Payments in Lieu of Taxes (PILTs) and studies related to the Porter Proposal.
Billy Bishop Airport continued to see ongoing success in 2015 serving 2.5 million passengers, up from 2.4 million in 2014, reflecting the airport’s continued managed growth policy. Billy Bishop Airport generated revenue of C$43.5 million, which included C$19.4 million in revenue from Airport Improvement Fees. The Port of Toronto experienced another strong year facilitating the delivery of more than 1.6 million metric tons of cargo from around the world directly into the heart of the city. The port and its activities reported operating income from all sources of C$1.5 million, up from C$1.2 million the year prior. The Outer Harbour Marina’s 2015 operating income remained at C$1.2 million on revenues of C$3.6 million, as PortsToronto continued to make important investments in this popular facility, including building a second heated, winter storage building for boats and opening a new retail store for food and supplies.
PortsToronto will hold its Annual General Meeting on Tuesday, June 14 at the Fleck Dance Theatre in the Queen’s Quay Terminal, 207 Queens Quay West, Toronto, Ontario. Detailed financial statements are available here.